Posted on 03/25/2025 10:27:52 AM PDT by algore
Ultra-wealthy Americans are rushing to open Swiss bank accounts amid fears of economic turmoil and concerns their cash will be targeted by Donald Trump.
Increasing uncertainty and fears of potential restrictions on moving money overseas mean the rich are transferring hundreds of millions of dollars out of the US.
Robert Paul, co-head of private clients at UK-based wealth management firm London and Capital, told The Telegraph: 'These are big chunks of money. We've had five cases in the last three or four weeks, and the sums have been $40m, $30m, $30m, $100m and $50m.'
He added: 'I am expecting to have at least this again if not more.'
Paul told the outlet his clients are taking money out of US brokerage accounts and opening accounts in Switzerland and the Channel Islands of Jersey and Guernsey.
Ollie Marshall, director of UK-based property buying consultancy Prime Purchase, told The Telegraph that he thought it was mainly Democratic Party sponsors worried about some form of financial retribution.
'Of course, there's no proof the administration is actively targeting them yet, but the government's policies are so extreme they could be right to be worried about it.'
Josh Matthews, co-founder of Maseco, which provides wealth management for Americans abroad, said that the last time he had seen this type of interest was during the financial crisis.
It is happening now, he told The Financial Times, because of 'the uncertainty of a Trump presidency.'
The Trump administration has proposed widespread tariffs on key trading partners, caused turmoil in the stock market and sparked concern from many business leaders.
Paul told The Telegraph that the wealthiest Americans are keen to have some money which is not located inside the US.
'A lot of this is discussions around dinner parties of the ultra-wealthy,' he told the outlet.
(Excerpt) Read more at dailymail.co.uk ...
Butt, butt, butt.....fair share and stuff!
Pretty smart wouldn’t you say?
Socialism = money for me, none for you.
Swiss ended banking secrecy for Americans as a result of the Patriot Act. The can and will provide all of that information to the US Treasury Department.
You mean rich Democrats are trying to avoid paying their “fair share” of taxes? Or are they afraid that DOGE will find out they have been robbing the taxpayers and DOJ will claw back illegally taken funds?
I think that it is the latter and not the former.
Yawn. Meanwhile the rest of the world is moving their money here. And if it’s dems moving illegal Chicom or Qatari cash, a Swiss bank account won’t stop the US from getting at it.
Oh Lordy! Lordy!
Stolen USAID money finding a home.
Swiss ended banking secrecy for Americans as a result of the Patriot Act. The can and will provide all of that information to the US Treasury Department.
Crackdown by the US:
The US government, through the IRS and the Department of Justice, has taken several actions to address tax evasion through Swiss banks.
Swiss Bank Program:
In 2013, the US government launched the Swiss Bank Program, offering Swiss banks a path to resolve potential criminal liabilities in exchange for cooperation and disclosure of information on US-related accounts.
FATCA (Foreign Account Tax Compliance Act):
Enacted in 2010, FATCA requires foreign financial institutions, including Swiss banks, to report account information on US clients to the IRS.
Consequences for Banks:
Banks that have cooperated with US tax evasion schemes have faced significant penalties, including fines and deferred prosecution agreements. For example, Banque Pictet agreed to pay over $122.9 million in restitution, disgorgement of fees, and a financial penalty, and is required to fully cooperate with investigations relating to secret accounts.
“Robert Paul, co-head of private clients at UK-based wealth management firm London and Capital, told The Telegraph: ‘These are big chunks of money. We’ve had five cases in the last three or four weeks, and the sums have been $40m, $30m, $30m, $100m and $50m.’”
Thank you Robert in London. Make sure you have filed your required paperwork for those American clients with the IRS.
They can’t Read ,LOL
IIRC, Clinton bagman Vince Foster made several trips to Switzerland on behalf of the Clinton Crime Family.
I thought the complete secrecy of Bank Account Owners which made Swiss Banks famous, had been ended some 15 years ago.
Now, the Swiss Banks will tattle to avoid any penalties.
ActBlue managers?
I think the article is nonsense.
Swiss Banks were forced to open their books to the US Treasury and IRS back in the 2000s. The massive edifice of the US Government (as well as the EU) absolutely HATE bank secrecy laws or traditions.
Switzerland was threatened with sanctions by US Treasury (and also Brussels), under pain of sanctions and especially not being given US dollar swap lines at the Federal Reserve.
So Switzerland sold its soul, and bent the knee. Swiss banks will either reject US-citizen customers outright, or will require US customers to be in full compliance with Foreign Account Tax Compliance Act (FATCA).
If Democrats think they can avoid Fed.gov in Switzerland, they are sorely mistaken
Hiding their money... wow, that doesn’t look guilty at all.
A U.S. person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, must file an FBAR to report:
a financial interest in or signature or other authority over at least one financial account located outside the United States if
the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported.
“You didn’t earn that!” Obama
Don’t want to pay their fare share.
Care about the poor workers.
Aint communism grand.
Defense contractors trying to protect their ill gotten gains from DOGE.
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